Major financing clears way for Eden Prairie apartment project

$55.62 million secured for new 188-unit housing project in Eden Prairie

A combined equity and construction financing package totaling $55.62 million has been arranged to build the second phase of a mixed‑housing project in Eden Prairie’s Golden Triangle neighborhood. The funding will support 188 apartment homes at 6901 Flying Cloud Drive, with ground breaking set to start in August 2025.

Key financing and partners

The financing includes a $39.12 million three‑year, floating‑rate construction loan and $16.50 million of joint‑venture equity. The loan was arranged through a regional bank and the equity was provided by a national investment group. A capital markets advisory team represented the project sponsor in putting the package together.

What will be built

The six‑story development will contain a mix of studio, one‑, two‑ and three‑bedroom units across 167,312 rentable square feet. The project design sets aside 25 percent of homes as affordable housing, targeted at households earning 50 percent and 80 percent of area median income (AMI). A total of 263 parking stalls are planned, yielding a parking ratio of 1.40 spaces per unit, including underground parking.

Amenities and site features

Planned on‑site amenities include an outdoor pool, golf simulator, club‑quality wellness center, dedicated work‑from‑home spaces, a theater room, club room, and a private dining area. The site also includes more than nine acres of wetlands intended to create green space and connect residents with nature.

Transit link and location advantages

This phase is part of a larger transit‑oriented development that will connect directly to the Golden Triangle Station on the Southwest Light Rail Transit (SWLRT) Green Line Extension, scheduled to open in 2027. The location offers access to major job centers, including downtown Minneapolis, the University of Minnesota, and the Twin Cities airport, via road and planned light rail service.

Design and construction planning

The project was designed by a local architecture firm and will proceed with construction immediately in August 2025. The development represents the second phase of a multi‑phase plan focused on walkable, transit‑linked housing in the Golden Triangle innovation district.

How this fits the local market

The project comes as suburban multifamily development has gained momentum in the Twin Cities area. Nearby transactions and renovations show investor interest in suburban properties that balance access to jobs with lower competing pipelines than some large urban cores. Recent nearby deals include acquisition and planned upgrades to garden‑style apartments in Eden Prairie, where new owners have outlined plans for amenity and unit improvements while noting proximity to the light rail corridor.

Construction timeline and next steps

With financing in place, the project will break ground in August 2025. Construction is expected to follow a standard multi‑year schedule tied to the light rail opening and market conditions. The three‑year floating‑rate construction loan provides near‑term capital to finish the core structure and interiors, while joint‑venture equity supports project costs and longer‑term hold strategy.

Why it matters

The development adds transit‑linked housing with a meaningful affordable component and a broad amenity package in a major suburban employment cluster. It also illustrates continued capital flow into suburban multifamily projects and the role of paired debt and joint‑venture equity in bringing larger rental developments online.